Akorn Inc. (AKRX) Trading Down 1.3%
Akorn Inc. (NASDAQ:AKRX)’s share price fell 1.3% on Friday . The company traded as low as $26.07 and last traded at $26.33, with a volume of 654,457 shares trading hands. The stock had previously closed at $26.68.
A number of research firms recently weighed in on AKRX. Jefferies Group reiterated a “buy” rating and issued a $35.00 price target on shares of Akorn in a research report on Monday, August 29th. Zacks Investment Research lowered Akorn from a “hold” rating to a “sell” rating in a research report on Tuesday, August 9th. WallachBeth Capital increased their price target on Akorn from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. set a $45.00 price target on Akorn and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, Deutsche Bank AG lowered Akorn from a “buy” rating to a “hold” rating and set a $33.00 price target for the company. in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $34.80.
The company has a market cap of $3.34 billion and a price-to-earnings ratio of 17.84. The firm’s 50-day moving average price is $30.46 and its 200 day moving average price is $27.77.
Akorn (NASDAQ:AKRX) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The business earned $280.70 million during the quarter, compared to the consensus estimate of $272.99 million. The business’s quarterly revenue was up 27.1% compared to the same quarter last year. On average, analysts predict that Akorn Inc. will post $2.17 earnings per share for the current fiscal year.
In other Akorn news, COO Bruce Kutinsky sold 142,000 shares of the stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $31.12, for a total value of $4,419,040.00. Following the completion of the sale, the chief operating officer now directly owns 58,695 shares in the company, valued at $1,826,588.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joseph Bonaccorsi sold 6,500 shares of the stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $29.84, for a total value of $193,960.00. Following the completion of the sale, the senior vice president now owns 449,112 shares of the company’s stock, valued at $13,401,502.08. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Akorn stock. I.G. Investment Management LTD. increased its stake in shares of Akorn Inc. (NASDAQ:AKRX) by 5.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 85,620 shares of the company’s stock after buying an additional 4,590 shares during the period. I.G. Investment Management LTD. owned approximately 0.08% of Akorn worth $3,194,000 at the end of the most recent reporting period.
Akorn Inc (Akorn), together with its wholly owned subsidiaries, is a specialty pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, as well as animal and over-the-counter (OTC) consumer health products. The Company specializes in sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
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